The seaborne iron ore market rose Friday as buyers emerged with replenishing needs. Platts 62% Fe IODEX rose 75 cents on day to $51.50/dry mt CFR North China. Demand was rising as mills replenished after keeping low stock levels for quite some time. While requirements increased, offers were scarce as sellers withheld cargoes in anticipation of a firmer market next week — there were expectations the Chinese government would either cut interest rates, or lower the cash reserve ratio for banks, which sources thought might push prices higher.
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